MTN announced the Group’s exit from its operation in Yemen as part of the strategy to exit the Middle East.
MTN has transferred 82.8 percent stake in MTN Yemen to minority share holder Emerald International Investment for an undisclosed amount. Emerald is a subsidiary of Zubair Investment Center, an affiliate of Zubair Corporation, which is the minority shareholder in MTN Yemen.
“The decision to exit Yemen was driven by a need to simplify the portfolio and focus our limited resources on executing a pan-African strategy,” said MTN Group President and Chief Executive Officer Ralph Mupita.
“We would like to thank the 719 employees of MTN Yemen for their commitment over the years, and the 4.7 million subscribers of MTN Yemen for their custom and trust in the brand.”
In August 2020, MTN announced plans to focus on its pan-African strategy and exit the Middle East over the medium term, thereby simplifying portfolio and reducing risk.
In the first half of 2021, MTN Yemen contributed 0.3 percent to MTN Group EBITDA. The telecom operator said MTN Yemen’s operating license for its 2G network is due for renewal at the end of 2021.